Hi Kbretado,
Turbotax can handle the sale of your investment property with ease.
First you must have all records about your purchase and sale of the property, including closing costs for both transactions and any improvements to the property.
If the investment property was a rental property also you would follow these steps to report the sale of your rental property on your tax return:
- With your return open in TurboTax, search for rentals and then select the Jump to link in the search result.
- Answer Yes to the question Did you have any income from rentals or royalties?
- When you get to What are you here to report? select Rental property and fill out the description, address, and owner.
- When you hit Tell us about your situation this year check the Sold or disposed of property box along with any other boxes that may apply.
- Continue following the onscreen prompts to enter info about your rental property.
- Eventually, you'll get to the Review your rental property info screen. On the following screens, we'll ask you to enter all the info we need about your rental property.
- You can report the sale in the Expenses/Assets (Depreciation) section, along with any other pertinent info (like income and expenses)
Tip: Take your time and pay close attention. There's a lot of info and it's easy to miss if you're in a hurry.
Have a blessed day!
Eric
